Poliakoff & Associates, P.A. Advocacy No Comments

Unemployment Rate Stable at 4.1%

As part of the Trump campaign, egomaniac Elon Musk has emphasized his opposition to undocumented immigrants. However, Elon Musk, an immigrant from South Africa, worked illegally when he started his career in the U.S.  Musk “did not have the legal right to work” in the U.S. when he started his first successful company.

With unemployment having been at or below 4.1 percent for 30 months, we have a shortage of workers, not an excess. The number of employed native-born Americans has not grown meaningfully since 2019, but that’s largely because of retirements, not competition from immigrants. Source.

A column chart that displays the unemployment rate in October of each presidential election year from 1992 to 2024. Rates range from a high of 7.8% in 2012 to a low of 3.9% in 2000. The forecast for 2024 is 4.1%.

The Wall Street Journal reported that Musk regularly talks with Russian president Vladimir Putin since late 2022.

Under Mr. Trump — even excluding the impact of the Covid pandemic — the economy generated an average of 182,000 jobs a month, well below Mr. Biden’s 277,000 a month (excluding his post-pandemic bounce) and Bill Clinton’s 242,000. Job growth under Trump lagged behind Biden and Clinton.  Even when the effect of the pandemic is excluded, the Trump administration’s figures are lower than those of other recent presidents. Sources: Federal Reserve Bank of St. Louis; U.S. Department of the Treasury